Our final business growth strategy for you

This week concludes our four-part series on business growth strategies. In this video, we chat about some of the myths and strategies in small businesses for both processes and money. You may be surprised at what you believe to be true and again how easy it is to get things right and back on track to develop a mindset of growth in your business.

By |2017-10-27T08:59:07+02:00October 27th, 2017|Strategy|0 Comments

Performance Management –overview

Last week we looked at how to measure performance in the service industry. Today we conclude the Performance Measurement discussion by looking at Performance Management –overview; a summary overview of the main issues covered

Performance management is the process of identifying the objectives of the organisation, setting targets, measuring performance against targets and taking action to improve the sub-standard performance.
Potential Benefits of Performance Measurement Systems
· If managers understand the organisational objectives and motivate employees towards achieving these, goal congruence within the organisation will be achieved.

· Assist in developing agreed measures of performance within the organisation.

· Enables comparison of different organisations.

· Enables accountability of the organisation to its stakeholders.

Potential Problems
· Tunnel Vision –an obsession with maximising measured performance at the expense of non-measured performance, e.g. sacrificing quality for quantities produced.
· Myopia (short-sightedness) –maximising short-run performance at the expense of long-run success, e.g. reducing production costs at the expense of product quality which will affect market share in the long run.

· Manipulation of data- creative accounting, window dressing accounts at the end of the reporting period.

· Gaming –building slack into budgets, slowing down production at the time of setting the targets.

· Incongruent goals –managers have different goals to the organisation, e.g. a project might be profitable for the company but reduce the profitability of the branch and thus the manager is unlikely to accept it.

Solutions to Potential Problems
· Involve staff at all levels in the design and implementation of the system.
· Encourage a long-term view among staff, e.g. company share option schemes.
· Ensure that the system of performance evaluation is audited by experts to identify problems

· Regular system review

· Audit data used in performance measurement to prevent/detect manipulation.

Performance Measurement in Non-profit Sector
Objectives of non-profits are more difficult to measure because:
· They are difficult to quantify e.g. measuring healthcare performance in the public sector.
· Many non-profits of multiple stakeholders with conflicting objectives

Value for Money Objectives
Value for money attempts to evaluate the performance of non-profits and other non-commercial organisations. The framework focuses on how well the organisation has achieved its objectives given the funding it has received.

The 3 E’s of Value for Money are:
1. Economy –minimising inputs

2. Efficiency – maximising the output/input ratio

3. Effectiveness –achievement of objectives

In addition, non-profits and public organisations may also use:
o Zero-based budgeting –a budgeting system that starts from scratch and looks at how much is needed for the organisation to fulfil each objective.

o Benchmarking – comparing the performance of a public sector enterprise with for example a commercial organisation

o League tables –use of institutional rankings in areas of health, policing and education. For instance, ranking schools bypass rate or police teams by crime statics in their areas.

By |2017-10-25T11:33:13+02:00October 25th, 2017|Strategy|0 Comments

What is the purpose of your business?

This is a question we ask many of our clients. Purpose and the related strategy seem to be more accidental than driven, by the people we chat to. So what does it mean to have a Purpose Strategy for your business?

Defining the purpose of a business comes from a number of different purpose statements. The first is for the reason for starting a business. Many people start their business due to financial reasons. They need to earn money. This is true for all businesses but there are often underlying reasons such as wanting more personal freedom, to do good in the community or to gain fame and fortune. What is yours?

The second purpose statement comes from the long-term purpose. Where is the business destined to go in 10 or 20 years from now? This may be a very long-term view and often too far ahead for any clarity, but knowing an idea goal determines the actions of today. Is your business going to be handed down to family members to build a legacy? Do you want to sell it in a few years and do something else? Are you planning to franchise or list on the stock exchange? Each of these options is key to the actions of incorporation that you take when registering your business.

We can now progress onto the initial problem you want to address as a business. This purpose statement is now more focused as you define the attention of the business. This needs to clearly define the problem, the people you address and the proposed solutions you will implement, sell or offer in order to address the defined problem.

Join us on Wednesday for more explanation of these and others on this week’s webinar

By |2017-10-09T11:40:53+02:00October 9th, 2017|Strategy|0 Comments

Business Growth Strategy Part 1

October is here and with only 3 months until 2018 we are embarking on a final 2017 strategy sprint to help us all get to those items on the list that we planned to get done in January.

This month we are going to take a trip through some of the Business Growth Strategies that we use to coach our clients. So please join us over the next four weeks as we go under the covers a bit and unpack the secrets of business growth.

The first item we need to define and unpack is STRATEGY. Strategy is a word we throw around a lot in our business: we use it in marketing, coaching and a lot when doing talks. But what is strategy? What does it imply or contain? Let’s unpack for a bit.

Strategy is a means to an end: it defines the process of getting from here to there. But it assumes that you know where here and there are and that there is where you want to be. Got it?

So first we must assess where we are, in all aspects of our business. Then we must discover and understand where it is that we must or want to be. This second destination is determined based on available resources, market-driven indicators and a desire to change.

Now, with an understanding of here and there: we can employ our strategy to reverse engineer the process and then drive it forward from today into the future. But just having an ideal of a future destination is not enough: this needs to be developed with a plan. The plan has actions, accountability levels with resources, a critical path and defined outcomes. This is a strategy.

Join us this week on our Weekly Wednesday Webinar as we unpack the elements of a growth strategy and create a framework for the next 90 days in your business.

By |2017-10-02T12:02:19+02:00October 2nd, 2017|90 Day Sprint, Strategy|0 Comments

Do you have a Business Strategy Model?

We have been speaking business growth all month.

We covered: Product Offerings, Strategic Networks and Marketing, and in this final episode in the series we put all the previous models together into one workable model that supports the development and growth of your business. The model also creates a set of goals, actions and accountability for each focus area.

In this video we also chat you to WIGS, Wildly Important Goals. Those goals that are more important than anything else in the business for the defined period. More on WIGS can be viewed here from the 8th Habit.

With this sort of workable model in your business, growth is imminent and becomes part of the daily activities of each staff members routine.

If you are interested in developing a growth strategy for your business or team. Then please contact us for a consultation or chat.

By |2016-11-01T10:20:07+02:00April 25th, 2016|Bruce on Business, Business Resources|0 Comments

Grow your business – Strategy Workshop

This month has been all about strategy at EM Solutions. We have had a number of talks, blog posts and emails about the subject. Now it is time to put it all together and we are asking you to be a part of it.

On Tuesday 26th April we will be hosting the Business Growth Strategy Workshop at our Cape Town offices.

If you own, run or are starting a business, then this sort of workshop is a must for your longevity in your position. Join us as we unpack four models that together will create a Business Growth Strategy for your organisation. If you are small and starting out or big and wanting to grow, this workshop will get both you and your business on the right track and moving towards your goals.
This workshop unpacks four growth strategy models that cover:
Product Development
Strategic Networks
Marketing Effectiveness
Focus areas and WIGS
We will workshop each of these together and you will leave with a future-focused plan for your business to get you growing. To join us please RSVP direct to Carlyn on 021 839 2281 or Carlyn@em-solutions.co.za.

Your future awaits you.

By |2016-11-01T10:20:08+02:00April 19th, 2016|Business Resources, Entrepreneurship|0 Comments

Does your growth strategy include getting outside your comfort zone?

Growth happens outside your comfort zone. Let me say that again, growth happens outside your comfort zone. That means two things, you need to get outside your comfort zone to grow and you need to learn how to rely on others.

In this video we talk about  developing your business through strategic marketing activities. Take a listen and list some ideas that may pertain to your business. Here are some suggestions:

Create a working social media campaign with links, reposts and posting calendars

Develop and implement a referral farm

Identify and implement a working sales funnel to attract and convert customers

Develop a method to up-sell or re-sell to existing customers

Build a solid ongoing, repeatable marketing strategy

By |2016-11-01T10:20:08+02:00April 16th, 2016|Bruce on Business, Business Resources, Marketing|0 Comments

The Strategy of a Coach

This week we have seen the beginning of the Rugby World Cup, and for all South Africans, it has been a bit of a disastrous start for the Springboks.

But let’s look at the SA – Japan game through a different lens: One team walked onto the field with enough experience and confidence to beat any team in the world, but the coach was ill-prepared, had not done their homework and did not have a good strategy.

The other team walked onto the field with the worst World Cup record, but the Coach who sat in the management box, had not only experience but a plan of action, execution and the confidence what he had mapped out would work.

And it did. The Japanese team took the Springboks to task. They out played, out tackled and out ran us. The Coaches plan was revealed in their clever plays and counter strategy for everything that the springboks had planned.

Even at half time, a time where a good coach has a chance to re-strategize based on the first half, the Springboks returned to the field with the same losing game plan and predictable moves.

The same applies to businesses. Each business, no matter how confident or experienced, needs a good solid, updated strategy. This strategy needs to be created together with an experienced coach or mentor. This coach needs to have the education, experience and ideas to counter the ever evolving markets and business conditions.

Just trying to do the same old, over and over in business, does not, and never will get different results. We are called to drive forward, counter any opposition and implement our creative strategies each and every day.

If you find yourself like a losing team, maybe it is time to find a better coach.

By |2016-11-01T10:20:20+02:00September 25th, 2015|General|0 Comments